 holders can stake and trade with liquidity while earning rewards.){kind=link}
Binance, one of the world’s leading cryptocurrency exchanges, has announced the launch of BNSOL, a new staking option for Solana (SOL) holders. According to the official announcement, BNSOL will be introduced on October 10, 2024, at 16:00 (UTC+8).
Concurrent with the launch, Binance will open the BNSOL/SOL trading pair, providing immediate liquidity for the new staking token. This move represents a significant development in the Solana ecosystem and Binance’s staking offerings, potentially attracting more users to stake their SOL tokens.
Staking Process and Promotional Offer
Users can acquire BNSOL through two primary methods: by staking their existing SOL tokens or by directly staking SOL to BNSOL using the Binance Web3 wallet. To incentivize adoption, Binance is offering a promotional period for both new and existing BNSOL holders.
During this period, which spans approximately 8-10 days starting from October 16, 2024, users can enjoy an increased Annual Percentage Rate (APR) of up to 10%. This promotional APR represents a significant boost compared to typical staking rates, making it an attractive opportunity for SOL holders to maximize their returns.
APR Details and Post-Promotion Rates
It’s important to note that the annualized interest rate during the promotional event will fluctuate between 8-10%. This fluctuation is not arbitrary but depends on the total locked amount, which is recalculated every 2-3 days (each Epoch). This dynamic rate structure allows for a fair distribution of rewards based on the overall participation in the BNSOL staking program.
Once the promotional period concludes, the APR will revert to the standard annual interest rate for SOL staking on Binance. For the most up-to-date information on the regular staking rates, users are advised to refer to the Binance SOL staking page.
Understanding BNSOL: Features and Benefits
BNSOL, short for Binance SOL Staking, is designed to represent a user’s staked SOL and the staking income in a tradable and transferable form. This innovative approach addresses a common issue with traditional staking methods, where staked assets are typically locked and unavailable for other uses, resulting in high opportunity costs for users.
BNSOL offers a more flexible solution, allowing users to sell, transfer, or utilize their staked SOL holdings freely. Furthermore, users can transfer BNSOL to personal wallets, such as Binance Web3 wallets, and even use them on non-Binance platforms while continuing to earn staking income.
This versatility extends to using BNSOL in other Binance products or external DeFi applications to generate additional income, all while still accumulating staking rewards through the BNSOL:SOL exchange rate.
This multi-faceted utility makes BNSOL an attractive option for users looking to maximize the potential of their SOL holdings while maintaining liquidity and flexibility.